JUPITER, Fla., Aug. 11, 2016 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (“Dyadic” or the “Company") (OTCQX:DYAI), a global biotechnology company focused on further improving and leveraging the patented and proprietary C1 expression system to help speed up the development and production of biologic vaccines and drugs at flexible commercial scales, today announced the approval by its Board of Directors of a reverse stock split, which is subject to shareholder approval.
On August 8, 2016, Dyadic’s Board of Directors approved a reverse stock split which will be subject to shareholders’ approval. The Board of Directors authorized management to engage with the Company’s advisors to determine the appropriate metrics, timing and process required to implement this action (including the effect that it will have on all issued and outstanding shares, stock options or other equity awards, as applicable). Management currently anticipates that the reverse stock split proposal will be submitted to shareholders at a special meeting of Dyadic’s shareholders in the fourth quarter of this year. An affirmative vote by the majority of Dyadic’s shareholders will permit the Board of Directors to implement the reverse stock split.
The primary purpose of the reverse stock split is to enable the Company to satisfy certain listing requirements to the extent the Board of Directors authorizes an application for listing on NASDAQ or other national exchange in the future. However, there can be no assurances given that the Board of Directors will authorize such action or that the Company will be able to satisfy all listing requirements.
Additional information regarding the reverse stock split will be set out in the Company’s proxy statement distributed in advance of the special meeting of shareholders.
CONFERENCE CALL INFORMATION
Dyadic management will host a conference call today, Thursday, August 11, 2016 at 5:00 p.m. to discuss the financial results for the second quarter of 2016 and comment further on the action discussed in this press release. In order to participate in the conference call, please dial 877-795-3648 for U.S./Canada callers and +719-325-4857 for International callers, using access code 4570690.
A replay of the conference call will be available on Dyadic’s website (www.dyadic.com) within 24 hours after the live event.
About Dyadic International, Inc.
Dyadic International, Inc. is a global biotechnology company which is developing what it believes will be a potentially significant protein production system based on the fungus Myceliopthora thermophila, nicknamed C1. The C1 microorganism, which enables the development and large scale manufacture of low cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, production and performance of biologic drugs at flexible commercial scales. Dyadic is using the C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of human and animal vaccines, monoclonal antibodies, biosimilars and/or biobetters, and other therapeutic proteins. Dyadic pursues research and development collaborations, licensing arrangements and other commercial opportunities with its partners and collaborators to leverage the value and benefits of these technologies in developing and manufacturing biopharmaceuticals which these technologies help produce. In particular, as the aging population grows in developed and undeveloped countries, Dyadic believes the C1 technology may help bring biologic drugs to market faster, in greater volumes, at lower cost, and with new properties to drug developers and manufacturers and, hopefully, improve access and cost to patients and the healthcare system, but most importantly saving lives. Please visit Dyadic’s website at www.dyadic.com for additional information, including details regarding Dyadic’s plans for its biopharmaceutical business.
Dyadic trades on the OTCQX tier of the OTC marketplace. Investors can find real-time quotes, market information and financial reports for Dyadic, as well as additional information related to its professional liability lawsuit, in the company’s annual and quarterly reports which are filed with the OTC markets. Please visit the OTC markets website at www.otcmarkets.com/stock/DYAI/quote.
Safe Harbor Regarding Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve risks, uncertainties and other factors that could cause Dyadic’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Investors are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements speak only as of the date of this press release and, except as required by law, Dyadic expressly disclaims any intent or obligation to update or revise any forward-looking statements to reflect actual results, any changes in expectations or any change in events. Factors that could cause results to differ materially include, but are not limited to: (1) general economic, political and market conditions (2) our ability to carry out and implement our biopharmaceutical research and business plans and strategic initiatives (3) Dyadic’s ability to retain and attract employees, consultants, directors, advisors and contract research organizations; (4) our ability to implement and successfully carry out Dyadic’s and third parties research and development efforts, (5) our ability to obtain new license and research agreements; (6) competitive pressures and reliance on key customers and collaborators; (7) the outcome of the current litigation by Dyadic against its former counsel and (8) other factors discussed in Dyadic’s publicly available filings, including information set forth under the caption “Risk Factors” in our December 31, 2015 Annual Report filed with OTC Markets on March 29, 2016. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us.
Contact: Dyadic International, Inc. Thomas L. Dubinski Chief Financial Officer Phone: 561-743-8333 Email: tdubinski@dyadic.com